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Econ Final Review Flashcards | StudBud
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Econ Final Review
What is a business cycle?
What is equilibrium?
Econ Final Review
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1
What is equilibrium?
The price where supply is greater than demand
The price where demand and supply are equal
The price where demand and supply are unequal
The price where demand is greater than supply
2
What is a business cycle?
A businesses monthly cycle
A businesses quarterly cycle
A businesses yearly cycle
Aperiod of economic expansion of contraction rather thanday to day movement
3
What is demand?
The desire to produce a product
The desire to supply and sell something
The desire to own something
The desire to own something the ability to pay for it
4
What are two government interventions in the market?
Minimum wage and supply
Rent control and demand
Demand and supply
Rent control and minimum wage
5
What are the four economic systems?
Socialist, Communist, Democratic, Traditional
Socialist, Communist, Democratic, Centrally Planned
Traditional, Centrally Planned, Free Market, Mixed
Communist, Democratic, Social Democratic, Free Market
6
What is the study of economics?
The study of business resources
The study of capital resources
The study of peoples finances
The study of choices that people make
7
What is the law of demand?
The higher the price, the lower the demand
The higher the price, the higher the supply and demand
The lower the price, the lower the supply and demand
The higher the price, the higher the demand
8
What do the 5th and 14th Amendments protect?
The right to vote
The right to a lawyer
The right to own firearms
The right to own property
9
What causes a supply curve to SHIFT?
A change in something other than price
A change in the House of Representatives
A change in price
10
What does a production possibilities curve show?
the production possibilities in a small business
only underutilization
economic growth and decline
only trade offs
11
What is a desirable unemployment rate?
1 percent
0 opercent
4 to 6 percent
1 to 2 percent
12
What is an economic system?
a method of producing and distributing goods and services
a system used in business to decrease profit
a system used in business to increase profits
a method that creates economic underutilization
13
What are public goods and services?
Goods and services from farmers
Goods and services provided by businesses
Goods and services provided by the government
Goods and services produced by the Senate
14
Which of the following is NOT a key economic system?
How should goods and services be produced?
What goods should be imported?
What goods and services should be produced?
Who consumes goods and services?
15
What will raising the minimum wage cause?
Decreased unemployment
Better trained employees
Increased unemployment
More jobs
16
What causes MOVEMENT ALONG the supply curve?
A change in price
A change in the Senate
A change in something other than price
17
What is opportunity cost?
The opportunity to start a business
The thing that is given up when we make a decision
The price of starting a business
The price of attending college
18
What causes MOVEMENT ALONG the demand curve?
A change in population
A change in price
A change in advertising
A change in something other than price
19
What is the law of supply?
The lower the price, the higher the supply
If goods are made people want to buy them
The more goods made, the more money made
The higher the price, the higher the supply
20
What is a mixed economy?
A combination of a free market and traditional economy
A combination of a free market and centrally planned economy
None of the above
A combination of a traditional, free market, and centrally planned economy
21
What is supply?
The amount of goods sold
The amount of goods available
All of the above are considered supply
The number of people that want a good
22
What is Gross Domestic Product?
The total value of grocery products
The total value of all final goods and services produced in an economy
The total value of department store products
All of the above
23
What causes a demand curve to SHIFT?
A change in something other than price
A falling price
A change in price
A rising price
24
What are public disclosure laws?
All of the above
They provide consumers with information about products
They provide consumers with information about public expenditures
They provide consumers with information about businesses
25
What is a centrally planned economy?
one in which the government makes the decisions
one in which the Senate makes the decisions
one in which the central business committee makes the decisions
one in which the people make the decision
